Copyright 1994-2011 CD Technologies Asia, Inc. Jurisprudence 1901 to 2010 1

EN BANC

[G.R. No. 68568. December 26, 1984.]

GIMENEZ STOCKBROKERAGE AND CO., INC., petitioner, vs.

SECURITIES AND EXCHANGE COMMISSION, MANUEL G.

ABELLO, JESUS J. VALDES, ROSARIO N. LOPEZ, JULIO A.

SULIT, JR., ACKERMAN & CO., INC. and GONZALO T.

SANTOS, respondents.

Jacob, Acaban, Buyson, Correra & Valdez Law Office for petitioner.

Alfonso Medina for private respondents.

SYLLABUS

REMEDIAL LAW; APPEAL; JUDICIARY REVAMP LAW; SEC. 39

THEREOF APPLIES ONLY TO COURTS; PRESIDENTIAL DECREE NO.

902-A STILL IN FORCE; REASONS. — The SEC erred in holding that the

thirty-day period for appealing the case to the Supreme Court provided for in

Section 6 of Presidential Decree No. 902-A was modified by Section 39 of the

Judiciary Revamp Law, Batas Pambansa Blg. 129, which provides for a period of

fifteen days for appealing from final orders, resolutions, awards, judgments or

decisions of any court. The SEC is not a court. It is an administrative agency. It is

of no moment that Section 9 (3) of the Judiciary Revamp Law grants to the

Intermediate Appellate Court exclusive appellate jurisdiction over decisions of

quasi-judicial agencies, instrumentalities, boards or commissions, except those

falling within the appellate jurisdiction of the Supreme Court in accordance with

the Constitution, the provisions of the Judiciary Revamp Law, and subparagraph

(1) of the third paragraph and subparagraph (4) of the fourth paragraph of Section

17 of the Judiciary Law. Repeals by implication are not favored. The thirty day

period fixed in Presidential Decree No. 902-A, the organic law of the SEC, is still

in force.

D E C I S I O N

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AQUINO, J p:

The Commissioners of the Securities and Exchange Commission rendered a

decision reversing the ruling of its hearing officer. They ordered Gimenez

Stockbrokerage & Co., Inc. to pay Ackerman & Co., Inc., the sum of P124,426

with 12% interest per annum from the date of demand.

A copy of the decision was received by Gimenez Stockbrokerage on April

13, 1984. Twenty-seven days later, or on May 10, 1984, it filed a motion for

reconsideration.

The SEC denied the motion for having been filed out of time, that is

because it was filed beyond the fifteen-day period for appealing the case to this

Court. In this certiorari, mandamus and prohibition case, Gimenez Stockbrokerage

contends that the SEC was in error because the appeal to this Court could be made

within thirty days, and, consequently, its motion for reconsideration should be filed

within that period (Sec. 1, Rule XVII, New Rules of Procedure in the SEC). llcd

We hold that the SEC erred in holding that the thirty-day period provided

for in section 6 of Presidential Decree No. 902-A was modified by section 39 of

the Judiciary Revamp Law, Batas Pambansa Blg. 129, which provides for a period

of fifteen days for appealing from final orders, resolutions, awards, judgments or

decisions of any court. The SEC is not a court. It is an administrative agency. LibLex

It is of no moment that section 9(3) of the Judiciary Revamp Law grants to

the Intermediate Appellate Court exclusive appellate jurisdiction over decisions of

quasi-judicial agencies, instrumentalities, boards or commissions, except those

falling within the appellate jurisdiction of the Supreme Court in accordance with

the Constitution, the provisions of the Judiciary Revamp Law, and subparagraph

(1) of the third paragraph and subparagraph (4) of the fourth paragraph of Section

17 of the Judiciary Law.

Repeals by implication are not favored. The third-day period fixed in

Presidential Decree No. 902-A, the organic law of the SEC, is still in force.

WHEREFORE, the Commissioners' order dated September 3, 1984,

denying the motion for reconsideration of Gimenez Stockbrokerage for having

been filed out of time, is reversed and set aside. It is directed to resolve the motion

on the merits. No costs.

SO ORDERED.

Fernando, C .J ., Teehankee, Makasiar, Concepcion, Jr., Abad Santos,

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Melencio-Herrera, Plana, Gutierrez, Jr., De la Fuente and Cuevas, JJ ., concur.

Escolin, J ., took no part.